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Simply OUTSTANDING job/gut feel Gary!
Yup you are calling it correctly Gary. I bought DUST this morning and then sold for a small loss. My junior miners are all getting a bid. This could be the real deal! Best to do nothing as Gary says.
It is truly amazing not seeing the gold smash follow thru like usual. Great analysis Gary.
The smashes now will be used to scare out retail traders so they puke up their shares and oz. to smart money that is accumulating.
Now Testify! 🙂
Great call Gary!
I sold off my miners yesterday near yesterday’s highs expecting the usual smash down and then started reading your stuff and became panicked overnight thinking I had made, not only a nice profit but a mistake. Bought it all back during the first 10 + minutes of the open ( at a discount) boy I’m glad I did too.
Nice call Gary!
Bully for you! 🙂
Gold COT still bullish. Next week will be interesting.
Silver COT still neutral
I am a moron. Even though I made money on my short index, my gold sold is more costly. Decided to buy back half of my full size gold. I have analysed. If gold is to embark on a 1970s bull run, the previous weeks of rally pullback is the chance for you to buy cheap. After that, gold could rally 20%, ie, 200-300 points without significant fib pullbacks.
So I better buy half, and if it is a real bull, I could scale in at higher levels. Not holding full size as gold has not made bullish alignments yet. So, if the rally stalls, it will not be so costly to cut.
Gary, Congrats! Well done.
I’m glad I found you a few mondays ago when I was all set to sell my mining shares …. and didn’t. It does appears the game has changed and we’ve entered a new era. The dollar goes down and gold and silver go up, the dollar goes up and gold and silver go up. The stock market goes up and gold and silver go up. The stock market goes down and gold and silver go up. Pretty soon people will start catching on. The relative out performance of silver this early in the game is also interesting.
Again, a big thanks.
On the 2 year GLD chart …. you can see what looks like the base of an EPIC size Cup & Handle pattern forming;
Even with gold’s recent rally, its closing today did not violate its bearish behaviour that has plagued gold these four yrs. On a closing basis, it has to close above $1180. Anyway, just hope gold will Pierce through all resistance during this impulse leg
In Elliot Wave terms (I’m not a fan) gold is in a very powerful wave 3. This is the buying stampede. Once this exhausts and we get a correction then the wave 5 should push even higher. It’s not inconceivable that miners could rally 100% out of this bottom like they did out of the 08 bottom.
I’m a Gold Bull and have been for quite a while now but would still advise caution.. 1180/1200 is a major psychological inflection point and the Bullion Banks could very well push that volleyball back under again just to F*ck with us. Also.. if GDX can remain above this sideway consolidation that’s taken shape over the past several months, then yup — we’re laughing!
Either way.. I gave the best advice 3 or 4 months ago [yes, on this forum] when I suggested that everyone should start buying a few carefully selected Mining stocks which are killing it right now if I may say so myself 🙂
Bears — Did you heed my advice?! Don’t answer that, twaz rhetorical.
Gold has been only gaining against USD and Indian Rupee terms.
Next important level for gold will be $1173 level, those who like to take new sell or short
positions can sell between $1173 to $1188 level if gold goes there.
HUI will still struggle to remain above 133 for more than three days.
I see Jesse’s Cafe has a new graphic up showing the formation of a big cup base ….
Take a look at the 20 year gold chart. Just awesome left side cup. This will be a monster once the right side builds.
What a beautiful start for metals this year. The fed is in a pickle now with the interest rate decision of December 2015. Either way, money is flowing into mining stocks with a little more juice. Even if we taper off here in the next few months, 2016 has got to be the turning year(if it hasn’t already). No later then mid to end of 2016…..
Hopefully we can see some real movement above the 50 day ma in the 20-year Gold chart now. A real break would be a great sign of real changes to come. The resistance has been stiff for 4 years. Come on Bulls!!!
Yes, Gold has all kinds of trendline resistance from 1175 to 1210. Sure hope it pieced through 1200 and consolidate there for a while. Hui treandline resistance comes in 155, now 147. During Impulse waves, it will pierce through resistance like hot knife through butter until it clears the last resistance before consolidating.
Gary, if the sharemarket sells off hard over the next couple of months, do you think gold miners will hold up?
I think they will go ballistic to the upside along with gold.
Gary, you previously said GDX rally will end when stochastics indicate overbought. We now have that (97.7). Time to sell?
Weekly stochastics,not daily.
IThe recent rally in gold is actually a USD correction downward which caused gold to rally, it was NOT on gold’s merits itself. As such,, as soon as USD correction is over, gold may have a violent reaction to the downside. I feel both oil and gold have not yet made bottoms.
Gary it looks as if $ is heading down to support at 93_94 so could be more upside in gold yet before dropping to its breakout point
I bought DUST this morning and then sold for a small loss. My junior miners are all getting a bid. Where such information?